Enforcement of Due. On-Sale Clauses; Assumption Agreements.... Section 3.14
Enforcement of Due. On-Sale Clauses; Assumption Agreements......... Section 3.14 Realization Upon Defaulted Mortgage Loans; REO Property........... Section 3.15 Trustee to Cooperate; Release of Mortgage Files................... Section 3.16
Enforcement of Due on-Sale Clauses; Assumption and Modification Agreements; Certain Assignments.
Enforcement of Due. On-Sale Clauses; Assumption Agreements.............................50 Section 3.12 Realization Upon Defaulted Mortgage Loans.............................................51 Section 3.13 Trustee to Cooperate; Release of Mortgage Files.......................................53 Section 3.14 Documents, Records and Funds in Possession of the Master Servicer to be Held for the Trustee.......................................................................53 Section 3.15
Enforcement of Due. On-Sale Clauses; Assumption Agreements. The Servicer will, to the extent it has knowledge of any conveyance or prospective conveyance of any Mortgaged Property by any Mortgagor (whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains or is to remain liable under the Mortgage Note and/or the Mortgage), exercise its rights to accelerate the maturity of such Mortgage Loan under the “due-on-sale” clause, if any, applicable thereto; provided, however, that the Servicer shall not exercise any such rights if prohibited by law from doing so. If the Servicer reasonably believes it is unable under applicable law to enforce such “due-on-sale” clause, or if any of the other conditions set forth in the proviso to the preceding sentence apply, the Servicer will enter into an assumption and modification agreement from or with the person to whom such property has been conveyed or is proposed to be conveyed, pursuant to which such person becomes liable under the Mortgage Note and, to the extent permitted by applicable state law, the Mortgagor remains liable thereon. The Servicer is also authorized to enter into a substitution of liability agreement with such person, pursuant to which the original Mortgagor is released from liability and such person is substituted as the Mortgagor and becomes liable under the Mortgage Note, provided that no such substitution shall be effective unless such person satisfies the then current underwriting criteria of the Servicer for mortgage loans similar to the Mortgage Loans. In connection with any assumption or substitution, the Servicer shall apply such underwriting standards and follow such practices and procedures as shall be normal and usual in its general mortgage servicing activities and as it applies to other mortgage loans owned solely by it. The Servicer shall not take or enter into any assumption and modification agreement, however, unless (to the extent practicable in the circumstances) it shall have received confirmation, in writing, of the continued effectiveness of any applicable hazard insurance policy. Any fee collected by the Servicer in respect of an assumption or substitution of liability agreement will be retained by the Servicer as additional servicing compensation. In connection with any such assumption, no material term of the Mortgage Note (including but not limited to the related Mortgage Rate and the amount of the Monthly Payment) may be amended or modified, except as otherwi...
Enforcement of Due. On-Sale Clauses; Assumption Agreements.................................................................... 70 SECTION 3.10. Realization Upon Mortgage Loans............................................... 72
Enforcement of Due. On-Sale Clauses; Assumption Agreements. .....................................................................................81 SECTION 3.12. Realization Upon Defaulted Mortgage Loans.............................................82 SECTION 3.13. Title, Management and Disposition of REO Property.....................................84 SECTION 3.14. [Reserved]............................................................................87 SECTION 3.15. Reports of Foreclosure and Abandonment of Mortgaged Properties. .....................................................................................87 SECTION 3.16. Optional Purchase of Defaulted Mortgage Loans.........................................87 SECTION 3.17. Trustee to Cooperate; Release of Mortgage Files.......................................88 SECTION 3.18. Servicing Compensation................................................................89 SECTION 3.19. Statement as to Compliance............................................................90 SECTION 3.20. Independent Public Accountants' Servicing Report......................................90 SECTION 3.21. Access to Certain Documentation.......................................................91 SECTION 3.23. Advance Facility......................................................................91 PAYMENTS TO CERTIFICATEHOLDERS
Enforcement of Due. On-Sale Clauses; Assumption Agreements............................................. 83 -i- TABLE OF CONTENTS (continued)
Enforcement of Due. On-Sale Clauses; Assumption Agreements; Defeasance Provisions......................... SECTION 3.10 Realization Upon Defaulted Mortgage Loans................... SECTION 3.11 Trustee to Cooperate; Release of Mortgage Files............. SECTION 3.12 Servicing Fees, Trustee Fees and Special Servicing Compensation.................................... SECTION 3.13 Reports to the Trustee; Collection Account Statements....... SECTION 3.14 Annual Statement as to Compliance........................... SECTION 3.15 Annual Independent Public Accountants' Servicing Report..... SECTION 3.16
Enforcement of Due. On-Sale Clauses; Assumption Agreements............. 73 3.16. Realization Upon Defaulted Mortgage Loans............................. 74 3.17. Trustee to Cooperate; Release of Mortgage Files....................... 75 3.18.
